TIGERS ANNOUNCE RECORD PROFIT
RFC Club email
The Richmond Football Club is pleased to announce a record net profit of $1,031,077 in 2007.
This is the Club's first million dollar profit and it breaks the previous record of $948,586, which was set in 2006. It is the third consecutive year the Tigers have made a profit.
Highlights from 2007 also include:
* Record membership
* Record sponsorship
* Third highest match attendance in AFL resulting in increased match receipts
* Significant debt repayment
* The club having positive net assets at the end of the financial year for first time
since 2003
* Profit recorded before gaming and Jack Dyer Foundation income reflecting profitable football operations
* Significant increase in Football Department expenditure
* Board stability remaining for 2008
"Although it was an extremely disappointing year for the Club on-field, our off-field performance has continued to improve," said Richmond's President Gary March.
"The changes implemented by the Club at the end of 2004 are now bearing fruit. This continued improvement in our trading result is due to the Club's ability to increase its revenue base, while implementing strict disciplines with regards to all areas of expenditure.
"It is the Board’s view that the financial improvements made over the past three years are sustainable, and we now have a viable business model that will ensure the Club continues to not only record profits in the future but also keeps reinvesting in the growth of our Football Department.
"The Club has now repaid its debt in relation to the construction of the administration and swimming-pool building at Punt Road . . . We are in a strong position to embark on the final phase of the re-development of the Punt Road facilities.
"We continue to address our overall debt, which has been reduced by over $1m during the past two years, while balancing the need to further increase spending in the Football Department to ensure we keep pace with all the other clubs in the competition.
"Pleasingly, the Club's net asset position has improved from a negative $745,412 in 2004, to a positive asset balance now of $848,159.
"Of course, we now need to bounce back quickly on-field to regain credibility with our members and supporters. In 2008 we will further significantly invest in the areas of recruiting and player development to ensure this occurs as soon as possible.
"Next year will be pivotal for us, as it marks the Club's Centenary in the AFL/VFL competition. Given our proud history, it is incumbent on our current team that we make a bold showing in the 2008 season."
